Analytics, Covid-19, Economics, EU – Baltic States, Financial Services, GDP
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Thursday, 28.03.2024, 15:28
WB projects global economy to see worst slump since WWII
Economic activity among advanced economies is anticipated to shrink 7% and emerging market and developing economies (EMDEs) are expected to shrink by 2.5% in 2020, the WB projected.
The blow is hitting hardest in countries where the pandemic has been the most severe and where there is heavy reliance on global trade, tourism, commodity exports, and external financing.
"This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges," said World Bank Group Vice President for Equitable Growth, Finance and Institutions, Ceyla Pazarbasioglu.
Under the WB's baseline forecast, the global economy might grow by 4.1% next year, but this outlook is highly uncertain and downside risks are predominant, including a more protracted pandemic, the WB said.
A downside scenario could lead the global economy to shrink by as much as 8% this year, followed by a sluggish recovery in 2021 of just over 1%, the WB warned.
The U.S. economy is forecast to contract 6.1% this year, reflecting the disruptions associated with pandemic-control measures. Euro Area output is expected to shrink 9.1% in 2020 as widespread outbreaks took a heavy toll on activity. Japan’s economy is anticipated to shrink 6.1%.
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